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Indian PV module maker MBSL is on the verge of bankruptcy
Aug 14, 2018

At present, MBSL has applied to the central bank to postpone the loan repayment schedule, claiming that its business prospects have been destroyed by the cheap Chinese PV modules that are largely inundated in the Indian market. Once the application is approved, the NCLT will submit the resolution within 180 days, and it is possible to postpone the decision to 270 days. Otherwise, MBSL will be liquidated and NCLT will suspend the company's board of directors. It is reported that in the fiscal year 2013, MBSL's total liabilities were 7.7 billion rupees. The company reported a revenue of Rs 2.26 billion for the same period and a net loss of Rs 2,070,000. Its total debt is currently about 10 billion rupees, owing to the central bank slightly less than 1 billion rupees. MBSL has been in a financial crisis in recent years, and the debt restructuring in October last year ended in an effort. Currently, several creditors' notices of default have been received.

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